Chapter 6 Review (1,10,12,14,23,24,31,32,36,45,49-53)
What three transaction cycles exist in all businesses?
What is an audit trail?
Audit trails are logs that can be designed to record activity at t
Professional Article Summary
This professional article summary, will review Moorthy, Mohamed, Gopalan, and San
(2001). The Impact of information technology on internal auditing, African Journal of Business
Management, 5(9), 3523-3539. The aut
What role does the audit trail play in the task of confirmation? Post under Audit Trail for a discussion.
The accounting records described provide an audit trail for tracing transactions from source documents
to the financial statements. Auditors must val
1. Discuss the major control implications of batch systems with real-time data input.
What compensating procedures are available? Post Under Major Control
The major implication is that there is no delay in the data input to allow verificatio
6. Explain why certain duties that are deemed incompatible in a manual system may be combined in a
CBIS computer-based information system environment. Give an example.
The IT (CBIS) environment tends to consolidate activities. A single application may aut
Chapter 10 Review (1,3,4,8,9,11,14)
1. Differentiate between a purchase requisition and a purchase order.
A purchase requisition is completed by the inventory control department when a need for inventory
items is detected. Purchase requisitions for office
8. What are the four broad objectives of internal control?
The four broad objectives of internal control are:
To safeguard assets of the firm
To ensure the accuracy and reliability of accounting records and information
To promote efficiency in the firms o